2 Users' and stakeholders' needs
(a) Identify the users of financial statements and state and
differentiate between their information needs.
K
3 The main elements of financial reports
(a) Understand and identify the purpose of each of the main
financial statements.
K
(b) Define and identify assets, liabilities, equity, revenue and
expenses.
K
5 Duties and responsibilities of those charged with
governance
(a) Explain what is meant by governance specifically in the
context of the preparation of financial statements.
K
(b) Describe the duties and responsibilities of directors and
other parties covering the preparation of the financial
statements.
K
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